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NIFTY50 at crossroads: Can it break the 21,850 barrier?

NIFTY50 at crossroads: Can it break the 21,850 barrier?

Upstox

2 min read • Updated: February 13, 2024, 5:34 PM

Summary

The NIFTY50 has seen volatile price action around its 20-day moving average. Experts warn that the index is still trading in a narrow range with sharp bouts of intraday volatility. Additionally, the release of US inflation data later tonight will provide further directional clues.

chart-6164414_1280 (2).png — Experts warn that the index is still trading in a narrow range.

The markets recovered from yesterday's losses to close near the day's high, largely driven by gains in private sector banks. The NIFTY50 gained 0.5% to close at 21,743 while the SENSEX gained 0.6% to close at 71,555.

Profit booking in the broader market took a pause with NIFTY Midcap 100 (+0.3%) and Smallcap 100 indices (+0.1%) registering minor gains.

Bulls bounced back by recovering nearly half of yesterday’s fallin NIFTY50, with 35 stocks advancing and 15 stocks declining on the D-street. Sectorally, barring Metal (-2.07%) and Media (-0.03%), all the sectors ended in green. NIFTY Private Bank (+1.4%) PSU Bank (+1.2%) advanced the most.

However, concerns remain. The NIFTY50 has seen volatile price action around its 20-day moving average. Experts warn that the index is still trading in a narrow range with sharp bouts of intraday volatility. Additionally, the release of US inflation data later tonight will provide further directional clues.